New Jersey Online Casino: Churchill Downs brings TwinSpires to life

New Jersey Online Casino: Churchill Downs brings TwinSpires to life

Churchill Downs has expanded the digital footprint of its TwinSpires online casino and sports betting operation since it launched in New Jersey, amid speculation over the business unit’s prospective sale.

New Jersey TwinSpires operations 

Churchill Downs, home of the Kentucky Derby, is apparently on the market for a buyer’s betting operation, TwinSpires. The entity may fetch $1.5 billion, or nearly one-sixth of the company’s current value. 

TwinSpires accepts wagers at retail outlets and racetracks across the country, as well as through its mobile application. Churchill Downs, which has a market capitalization of $8.8 billion, is consulting with an adviser to ascertain interest in the division. The reports come the same week that Churchill Downs approved Nevada’s racebooks to resume wagering on races at the Fair Grounds, Oaklawn, and Turfway Park.

This comes as the Garden State becomes the eighth jurisdiction in which the TwinSpires sportsbook is offered, following the launch of its igaming component in the third state. 

TwinSpires sportsbooks also accept bets in Arizona, Colorado, Indiana, Michigan, Mississippi, Pennsylvania, Tennessee, and New Jersey.

Since Oct. 27, 2019, CDI has withheld simulcast broadcasts from Nevada. CDI owns the Fair Grounds and Turfway Park and has a contract with Oaklawn Park. The disagreement began when Churchill Downs attempted to increase the price of the signals in Nevada. Although the new contracts do not resolve the dispute, they represent “good progress” toward a long-term agreement, according to Patty Jones, executive director of the pari-mutuel association.

Churchill Downs stated earlier this year that TwinSpires revenue fell 19.9 percent to $102.2 million in the third quarter of the year (2020: $127.6 million), principally due to a $30.9 million fall in horse racing revenue offset by a $5.5 million rise in sports and casino revenue. The latter increased as a result of state expansion and marketing and promotional efforts.

Net gaming revenue jumped 16.3 percent to $393 million (2020: £337.8 million), while net income increased 42.1 percent to $61.4 million (2020: $43.2 million), and adjusted EBITDA increased 28 percent from $121.9 million to $156.1 million.

Churchill Downs, Inc., the home of the world-famous Kentucky Derby, owns and operates TwinSpires. Churchill Downs has been a world leader in wagering since 1875. TwinSpires builds on that legacy by integrating cutting-edge technology with the experience, honesty, and tradition associated with America’s most trusted wagering service. TwinSpires is a sportsbook and online casino that accepts wagers on horse racing, sports, and casino games.

TwinSpires Racing is the United States’ leading online horse racing betting platform. TwinSpires leverages over 145 years of wagering experience as the Kentucky Derby’s official online betting partner. Players can wager via the TwinSpires web, mobile, and app-based advance-deposit wagering platforms, as well as at retail outlets and racetracks nationwide. TwinSpires Racing allows you to wager on domestic and international Thoroughbred, Quarter Horse, and harness races. Additionally, TwinSpires players have unique access to insight and analysis from our horse racing experts, industry insiders, and handicappers, as well as Brisnet data and prior performance information to assist them in gaining a betting edge.

TwinSpires Sports and Casino

TwinSpires Sports offers wagering on the world’s most popular professional, college, and amateur sports. Numerous betting choices keep you in the game, ranging from parlays, prop bets, and futures to live in-game betting that allows you to gamble as the action unfolds. 

The firm’s specialists keep you informed on breaking sports news, provide commentary on major games, and offer advice to improve your gambling experience. TwinSpires Casino is a market leader in online casino gambling, providing you the games you know and love from land-based casinos. TwinSpires Casino features everything for everyone, from classic table games like roulette and baccarat to live-dealer card games like blackjack and poker, as well as over 300 different slots.

Quotes from the Press Release

“As the Kentucky Derby’s official wagering partner, many sports fans in New Jersey are already aware of the TwinSpires brand and its long connection with the greatest two minutes in sports,” said Ben Murr, Churchill Downs senior vice president and chief technology officer.

“We are delighted to harness nearly 150 years of wagering history in the United States to bring state-of-the-art online sports betting and igaming products, promotions, and deals to New Jersey residents.”

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.